false0002043133--12-31Q1http://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#SecuredOvernightFinancingRateSofrMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMemberUnlimitedUnlimitedhttp://fasb.org/us-gaap/2025#InvestmentUnaffiliatedIssuerMember101http://fasb.org/srt/2025#ChiefExecutiveOfficerMember0002043133Debt Investments, Capital Markets, Tidal Investments LLC Acquisition Date 08/29/25 Term Loan – 9.67% (SOFR + 6.00%, 1.50% Floor) Net Assets 38.2% Maturity 08/29/302025-01-012025-12-310002043133ck0002043133:AssetBasedCreditFacilityMember2025-12-310002043133Debt Investments, Building Products, Patriot MCN Buyer Corp., (McNichols) Acquisition Date 10/01/25 Term Loan – 8.33% (SOFR + 4.75%, 1.75% Floor) Net Assets 16.1% Maturity 10/01/312026-03-310002043133Equity Investments - Capital Markets TFG Parent Holdings, LLC (Tidal) Acquisition Date 08/29/25 Class A Preferred Units Net Assets 1.0%2025-01-012025-12-310002043133ck0002043133:CloudOneDigitalCorpMember2025-12-310002043133ck0002043133:FirstAmericanGovernmentObligationFundMember2026-03-310002043133Debt Investments, Machinery, Leg Purchaser Inc., (Labrie) Acquisition Date 01/12/26 Term Loan – 9.15% (SOFR + 5.50%, 0.75% Floor) Net Assets 16.7% Maturity 01/12/322026-03-310002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Term Loan – 8.20% (SOFR + 4.50%, 0.75% Floor) Net Assets 16.6% Maturity 09/05/312026-03-3100020431332025-03-310002043133us-gaap:CorporateDebtSecuritiesMember2025-12-310002043133Debt Investments, IT Services, CloudOne Digital Corp. Acquisition Date 08/05/25 Term Loan – 8.90% (SOFR + 5.00%, 1.00% Floor) Net Assets 35.9% Maturity 08/05/312025-12-310002043133us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310002043133us-gaap:DebtSecuritiesMember2026-03-310002043133ck0002043133:FoodProductsMemberus-gaap:CorporateDebtSecuritiesMember2026-03-310002043133ck0002043133:CentaurHoldingsIIILLCCopperweld1Member2025-12-310002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Term Loan – 8.20% (SOFR + 4.50%, 0.75% Floor) Net Assets 16.6% Maturity 09/05/312026-01-012026-03-310002043133us-gaap:BaseRateMemberck0002043133:SubscriptionBasedCreditFacilityMember2025-04-212025-04-210002043133us-gaap:EquitySecuritiesMember2026-03-310002043133us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-03-310002043133Debt Investments, Professional Services, TechServ Operations, LLC Acquisition Date 05/15/25 Term Loan – 8.44% (SOFR + 4.75%, 1.00% Floor) Net Assets 15.3% Maturity 05/15/322026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2025-12-310002043133us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0002043133:SubscriptionBasedCreditFacilityMember2025-04-212025-04-210002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Revolver – 8.92% (SOFR + 5.25%, 1.00% Floor) Net Assets 1.0% Maturity 05/06/312026-01-012026-03-310002043133ck0002043133:ThreeRiversBuyerIncGrantStreetMember2026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2026-03-310002043133ck0002043133:TechServOperationsLLC1Member2025-12-310002043133Debt Investments, Professional Services, TechServ Operations, LLC Acquisition Date 05/15/25 Term Loan – 8.63% (SOFR + 4.75%, 1.00% Floor) Net Assets 31.8% Maturity 05/15/322025-12-310002043133ck0002043133:CapitalMarketsMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310002043133ck0002043133:CommonClassIMember2025-11-030002043133us-gaap:CorporateDebtSecuritiesMemberck0002043133:ConstructionMaterialsMember2025-12-310002043133us-gaap:ShortTermInvestmentsMember2025-12-310002043133ck0002043133:TermLoanMember2025-12-310002043133ck0002043133:DesignatedInvestorsMemberck0002043133:SubscriptionBasedCreditFacilityMember2025-04-212025-04-210002043133Debt Investments, Capital Markets, Tidal Investments LLC Acquisition Date 08/29/25 Term Loan – 8.70% (SOFR + 5.00%, 1.50% Floor) Net Assets 18.7% Maturity 08/29/302026-03-310002043133us-gaap:CashEquivalentsMember2025-12-310002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Term Loan – 8.42% (SOFR + 4.75%, 0.75% Floor) Net Assets 34.3% Maturity 09/05/312025-01-012025-12-310002043133ck0002043133:CharterIndustriesHoldingsLLC1Member2026-03-310002043133ck0002043133:AdviserMember2025-02-052025-03-310002043133us-gaap:MemberUnitsMember2026-01-012026-03-310002043133ck0002043133:CharterIndustriesHoldingsLLCMember2026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMembersrt:MinimumMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-310002043133ck0002043133:RevolvingCreditLinesMember2025-12-310002043133us-gaap:FairValueInputsLevel3Member2025-12-310002043133ck0002043133:SubscriptionBasedCreditFacilityMember2026-03-310002043133Debt Investments, Capital Markets, Tidal Investments LLC Acquisition Date 08/29/25 Term Loan – 8.70% (SOFR + 5.00%, 1.50% Floor) Net Assets 18.7% Maturity 08/29/302026-01-012026-03-310002043133Equity Investments - Capital Markets TFG Parent Holdings, LLC (Tidal) Acquisition Date 08/29/25 Class A Preferred Units Net Assets 1.0%2025-12-310002043133ck0002043133:CapitalCallMember2026-01-052026-01-050002043133ck0002043133:AssetBasedCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberck0002043133:TSCBDCFinancing1LLCMember2026-01-232026-01-230002043133us-gaap:CorporateDebtSecuritiesMemberck0002043133:InformationTechnologyServicesMember2026-03-310002043133ck0002043133:SoftwareMemberus-gaap:CorporateDebtSecuritiesMember2026-03-310002043133ck0002043133:AdviserMember2025-02-052025-12-310002043133us-gaap:FairValueInputsLevel2Member2026-03-310002043133ck0002043133:ProfessionalServicesMemberus-gaap:CorporateDebtSecuritiesMember2026-03-310002043133ck0002043133:PersonalCareProductsMemberus-gaap:CorporateDebtSecuritiesMember2026-03-310002043133ck0002043133:FrostBuyerLLCCraftMarkMember2025-12-310002043133ck0002043133:LegPurchaserIncLabrieMember2026-03-310002043133ck0002043133:CentaurHoldingsIIILLCCopperweld1Member2026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2025-12-310002043133us-gaap:CashEquivalentsMember2026-03-310002043133us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-03-310002043133ck0002043133:TidalInvestmentsLLCMember2025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-3100020431332025-02-052026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMembersrt:MinimumMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310002043133Debt Investments, Building Products, Patriot MCN Buyer Corp., (McNichols) Acquisition Date 10/01/25 Term Loan – 8.74% (SOFR + 4.75%, 1.75% Floor) Net Assets 33.0% Maturity 10/01/312025-01-012025-12-310002043133ck0002043133:TechServOperationsLLCMember2025-12-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Revolver – 8.92% (SOFR + 5.25%, 1.00% Floor) Net Assets 1.0% Maturity 05/06/312026-03-310002043133Equity Investments - Capital Markets TFG Parent Holdings, LLC (Tidal) Acquisition Date 08/29/25 Class A Preferred Units Net Assets 0.5%2026-03-310002043133ck0002043133:FoodProductsMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310002043133Debt Investments, Software, Three Rivers Buyer, Inc. (Grant Street) Acquisition Date 11/03/25 Term Loan B – 8.42% (SOFR + 4.75%, 0.75% Floor) Net Assets 5.9% Maturity 11/03/312026-01-012026-03-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Term Loan – 8.92% (SOFR + 5.25%, 1.00% Floor) Net Assets 14.6% Maturity 05/06/312026-01-012026-03-310002043133us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310002043133ck0002043133:SubscriptionBasedCreditFacilityMember2025-04-210002043133Debt Investments, Personal Care Products, Designs for Health, Inc. Acquisition Date 10/16/25 Term Loan B – 8.39% (SOFR + 4.50%, 0.75% Floor) Net Assets 32.9% Maturity 10/16/302025-01-012025-12-310002043133ck0002043133:SpecialInvestorsMemberck0002043133:SubscriptionBasedCreditFacilityMember2025-04-212025-04-210002043133ck0002043133:TermLoanMember2026-03-310002043133us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310002043133ck0002043133:PatriotMCNBuyerCorpMcNichols1Member2025-12-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Revolver – 9.09% (SOFR + 5.25%, 1.00% Floor) Net Assets 1.1% Maturity 05/06/312025-12-310002043133ck0002043133:AdviserMember2026-03-310002043133us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2025-12-310002043133us-gaap:FairValueInputsLevel1Member2026-03-310002043133ck0002043133:FrostBuyerLLCCraftMark1Member2025-12-3100020431332026-01-052026-01-050002043133ck0002043133:AssetBasedCreditFacilityMember2026-03-310002043133ck0002043133:AssetBasedCreditFacilityMemberck0002043133:TermLoanMember2026-03-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Term Loan – 9.09% (SOFR + 5.25%, 1.00% Floor) Net Assets 29.9% Maturity 05/06/312025-12-310002043133Debt Investments, IT Services, CloudOne Digital Corp. Acquisition Date 08/05/25 Term Loan – 8.90% (SOFR + 5.00%, 1.00% Floor) Net Assets 35.9% Maturity 08/05/312025-01-012025-12-310002043133Debt Investments, Construction Materials, Charter Industries Holdings LLC Acquisition Date 10/01/25 Term Loan – 8.41% (SOFR + 4.75%, 0.75% Floor) Net Assets 15.3% Maturity 10/01/322026-01-012026-03-310002043133us-gaap:DebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310002043133ck0002043133:CentaurHoldingsIIILLCCopperweldMember2025-12-310002043133us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2026-03-3100020431332025-01-012025-12-310002043133us-gaap:CorporateDebtSecuritiesMemberck0002043133:ElectricalEquipmentMember2025-12-310002043133us-gaap:CashEquivalentsMember2025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2025-12-310002043133us-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2025-12-310002043133Debt Investments, Construction Materials, Charter Industries Holdings LLC Acquisition Date 10/01/25 Term Loan – 8.74% (SOFR + 4.75%, 0.75% Floor) Net Assets 32.2% Maturity 10/01/322025-01-012025-12-310002043133us-gaap:ShortTermInvestmentsMember2026-03-310002043133Debt Investments, IT Services, CloudOne Digital Corp. Acquisition Date 08/05/25 Term Loan – 8.66% (SOFR + 5.00%, 1.00% Floor) Net Assets 17.5% Maturity 08/05/312026-01-012026-03-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Revolver – 9.09% (SOFR + 5.25%, 1.00% Floor) Net Assets 1.1% Maturity 05/06/312025-01-012025-12-310002043133Debt Investments, Machinery, Leg Purchaser Inc., (Labrie) Acquisition Date 01/12/26 Term Loan – 9.15% (SOFR + 5.50%, 0.75% Floor) Net Assets 16.7% Maturity 01/12/322026-01-012026-03-310002043133us-gaap:RevolvingCreditFacilityMember2026-03-310002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Term Loan – 8.42% (SOFR + 4.75%, 0.75% Floor) Net Assets 34.3% Maturity 09/05/312025-12-310002043133us-gaap:MemberUnitsMember2025-02-040002043133us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-03-310002043133Debt Investments, IT Services, CloudOne Digital Corp. Acquisition Date 08/05/25 Term Loan – 8.66% (SOFR + 5.00%, 1.00% Floor) Net Assets 17.5% Maturity 08/05/312026-03-310002043133ck0002043133:CharterIndustriesHoldingsLLCMember2025-12-310002043133ck0002043133:PatriotMCNBuyerCorpMcNicholsMember2025-12-310002043133us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2025-12-310002043133us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2026-03-3100020431332026-05-130002043133ck0002043133:ThreeRiversBuyerIncGrantStreetMember2025-12-310002043133ck0002043133:FirstAmericanGovernmentObligationFundMemberus-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember2026-03-310002043133ck0002043133:TidalInvestmentsLLCMember2026-03-310002043133us-gaap:CorporateDebtSecuritiesMemberck0002043133:BuildingProductsMember2026-03-310002043133ck0002043133:PatriotMCNBuyerCorpMcNichols1Member2026-03-310002043133ck0002043133:CreditFacilitiesMember2026-01-012026-03-310002043133Aggregate Fair Value of These Securities2026-01-012026-03-310002043133ck0002043133:AssetBasedCreditFacilityMemberck0002043133:TSCBDCFinancing1LLCMember2026-01-232026-01-2300020431332025-08-280002043133us-gaap:RetainedEarningsMember2025-02-052026-03-310002043133us-gaap:EquitySecuritiesMember2025-12-3100020431332025-02-052025-12-310002043133ck0002043133:CapitalMarketsMemberus-gaap:EquitySecuritiesMember2025-12-310002043133ck0002043133:FirstAmericanGovernmentObligationFundMember2025-12-310002043133us-gaap:RetainedEarningsMember2026-01-012026-03-3100020431332025-04-080002043133Debt Investments, Personal Care Products, Designs for Health, Inc. Acquisition Date 10/16/25 Term Loan B – 8.17% (SOFR + 4.50%, 0.75% Floor) Net Assets 16.1% Maturity 10/16/302026-03-310002043133us-gaap:MemberUnitsMember2025-02-052025-03-310002043133us-gaap:RetainedEarningsMember2025-03-310002043133ck0002043133:SubscriptionBasedCreditFacilityMember2025-12-160002043133us-gaap:FairValueInputsLevel1Member2025-12-310002043133us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2025-12-310002043133us-gaap:MemberUnitsMember2025-03-310002043133ck0002043133:RevolvingCreditLinesMemberck0002043133:AssetBasedCreditFacilityMember2026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:CashEquivalentsMember2026-03-310002043133ck0002043133:ScheduledReductionDateMember2025-12-160002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Revolver – 8.20% (SOFR + 4.50%, 0.75% Floor) Net Assets 0.6% Maturity 09/05/312026-01-012026-03-310002043133ck0002043133:AssetBasedCreditFacilityMemberck0002043133:TermLoanMemberck0002043133:TSCBDCFinancing1LLCMember2026-01-230002043133us-gaap:InvestorMemberck0002043133:SubscriptionBasedCreditFacilityMember2025-04-212025-04-210002043133us-gaap:FairValueInputsLevel3Member2026-01-012026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2025-12-310002043133us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2025-12-3100020431332025-02-052025-03-310002043133us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2026-03-310002043133ck0002043133:AdviserMember2026-01-012026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-03-310002043133ck0002043133:IncentiveFeeThereafterMember2026-01-012026-03-310002043133ck0002043133:CloudOneDigitalCorpMember2026-03-310002043133ck0002043133:TechServOperationsLLC1Member2026-03-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Delayed Draw Term Loan – 8.92% (SOFR + 5.25%, 1.00% Floor) Net Assets 0.4% Maturity 05/06/312026-01-012026-03-310002043133us-gaap:FairValueInputsLevel1Memberus-gaap:CashEquivalentsMember2026-03-310002043133ck0002043133:CapitalMarketsMemberus-gaap:EquitySecuritiesMember2026-03-310002043133Debt Investments, Personal Care Products, Designs for Health, Inc. Acquisition Date 10/16/25 Term Loan B – 8.17% (SOFR + 4.50%, 0.75% Floor) Net Assets 16.1% Maturity 10/16/302026-01-012026-03-310002043133us-gaap:CashEquivalentsMember2026-03-310002043133ck0002043133:TechServOperationsLLCMember2026-03-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Term Loan – 8.92% (SOFR + 5.25%, 1.00% Floor) Net Assets 14.6% Maturity 05/06/312026-03-310002043133us-gaap:ShortTermInvestmentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310002043133ck0002043133:FrostBuyerLLCCraftMarkMember2026-03-3100020431332026-03-310002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Delayed Draw Term Loan – 8.20% (SOFR + 4.50%, 0.75% Floor) Net Assets 1.0% Maturity 09/05/312026-01-012026-03-310002043133Debt Investments, Professional Services, TechServ Operations, LLC Acquisition Date 05/15/25 Term Loan – 8.44% (SOFR + 4.75%, 1.00% Floor) Net Assets 15.3% Maturity 05/15/322026-01-012026-03-310002043133Debt Investments, Professional Services, TechServ Operations, LLC Acquisition Date 05/15/25 Term Loan – 8.63% (SOFR + 4.75%, 1.00% Floor) Net Assets 31.8% Maturity 05/15/322025-01-012025-12-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Delayed Draw Term Loan – 9.09% (SOFR + 5.25%, 1.00% Floor) Net Assets 0.9% Maturity 05/06/312025-01-012025-12-310002043133Equity Investments - Capital Markets TFG Parent Holdings, LLC (Tidal) Acquisition Date 08/29/25 Class A Common Units Net Assets 0.2%2026-01-012026-03-310002043133ck0002043133:LegPurchaserIncLabrieMember2025-12-310002043133us-gaap:CapitalUnitsMember2026-03-310002043133us-gaap:RetainedEarningsMember2025-02-052025-03-310002043133Debt Investments, Building Products, Patriot MCN Buyer Corp., (McNichols) Acquisition Date 10/01/25 Term Loan – 8.74% (SOFR + 4.75%, 1.75% Floor) Net Assets 33.0% Maturity 10/01/312025-12-310002043133Equity Investments - Capital Markets TFG Parent Holdings, LLC (Tidal) Acquisition Date 08/29/25 Class A Common Units Net Assets 0.2%2026-03-3100020431332025-12-310002043133Equity Investments - Capital Markets TFG Parent Holdings, LLC (Tidal) Acquisition Date 08/29/25 Class A Preferred Units Net Assets 0.5%2026-01-012026-03-310002043133Debt Investments, Construction Materials, Charter Industries Holdings LLC Acquisition Date 10/01/25 Term Loan – 8.41% (SOFR + 4.75%, 0.75% Floor) Net Assets 15.3% Maturity 10/01/322026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMembersrt:MaximumMember2026-03-310002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Delayed Draw Term Loan – 8.42% (SOFR + 4.75%, 0.75% Floor) Net Assets 2.1% Maturity 09/05/312025-12-310002043133Aggregate Acquisitions and Aggregate Dispositions of Investments, Other Than Government Securities2025-01-012025-12-310002043133ck0002043133:OtherThanGovernmentSecuritiesMember2026-01-012026-03-310002043133ck0002043133:DesignsForHealthIncMember2025-12-310002043133us-gaap:FairValueInputsLevel2Member2025-12-310002043133ck0002043133:MachineryMemberus-gaap:CorporateDebtSecuritiesMember2026-03-310002043133us-gaap:CorporateDebtSecuritiesMemberck0002043133:InformationTechnologyServicesMember2025-12-310002043133ck0002043133:FrostBuyerLLCCraftMark1Member2026-03-310002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Revolver – 8.42% (SOFR + 4.75%, 0.75% Floor) Net Assets 1.6% Maturity 09/05/312025-01-012025-12-310002043133us-gaap:RetainedEarningsMember2026-03-310002043133us-gaap:CorporateDebtSecuritiesMemberck0002043133:ConstructionMaterialsMember2026-03-310002043133us-gaap:CorporateDebtSecuritiesMember2026-03-3100020431332025-01-012025-03-310002043133us-gaap:AdditionalPaidInCapitalMember2026-03-3100020431332025-08-220002043133us-gaap:FairValueInputsLevel2Memberus-gaap:CashEquivalentsMember2026-03-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Term Loan – 9.09% (SOFR + 5.25%, 1.00% Floor) Net Assets 29.9% Maturity 05/06/312025-01-012025-12-310002043133us-gaap:InvestmentUnaffiliatedIssuerMember2026-01-012026-03-3100020431332025-11-032025-11-0300020431332025-02-050002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Revolver – 8.20% (SOFR + 4.50%, 0.75% Floor) Net Assets 0.6% Maturity 09/05/312026-03-310002043133Equity Investments - Capital Markets TFG Parent Holdings, LLC (Tidal) Acquisition Date 08/29/25 Class A Common Units Net Assets 0.2%2025-01-012025-12-310002043133ck0002043133:SubscriptionBasedCreditFacilityMember2025-12-310002043133Equity Investments - Capital Markets TFG Parent Holdings, LLC (Tidal) Acquisition Date 08/29/25 Class A Common Units Net Assets 0.2%2025-12-310002043133Aggregate Fair Value of These Securities2025-01-012025-12-310002043133us-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2026-03-310002043133ck0002043133:CapitalCallMemberus-gaap:SubsequentEventMember2026-04-012026-04-010002043133Debt Investments, Capital Markets, Tidal Investments LLC Acquisition Date 08/29/25 Term Loan – 9.67% (SOFR + 6.00%, 1.50% Floor) Net Assets 38.2% Maturity 08/29/302025-12-310002043133Debt Investments, Construction Materials, Charter Industries Holdings LLC Acquisition Date 10/01/25 Term Loan – 8.74% (SOFR + 4.75%, 0.75% Floor) Net Assets 32.2% Maturity 10/01/322025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMember2026-01-012026-03-3100020431332026-01-012026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMembersrt:MaximumMember2026-03-310002043133Debt Investments, Personal Care Products, Designs for Health, Inc. Acquisition Date 10/16/25 Term Loan B – 8.39% (SOFR + 4.50%, 0.75% Floor) Net Assets 32.9% Maturity 10/16/302025-12-310002043133Debt Investments, Software, Three Rivers Buyer, Inc. (Grant Street) Acquisition Date 11/03/25 Term Loan B – 8.42% (SOFR + 4.75%, 0.75% Floor) Net Assets 5.9% Maturity 11/03/312026-03-310002043133us-gaap:FairValueInputsLevel2Memberus-gaap:ShortTermInvestmentsMember2025-12-310002043133ck0002043133:ProfessionalServicesMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310002043133us-gaap:CorporateDebtSecuritiesMemberck0002043133:BuildingProductsMember2025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2026-03-3100020431332024-12-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Delayed Draw Term Loan – 8.92% (SOFR + 5.25%, 1.00% Floor) Net Assets 0.4% Maturity 05/06/312026-03-310002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Delayed Draw Term Loan – 8.42% (SOFR + 4.75%, 0.75% Floor) Net Assets 2.1% Maturity 09/05/312025-01-012025-12-310002043133ck0002043133:RevolvingCreditLinesMember2026-03-310002043133us-gaap:USTreasuryBillSecuritiesMember2025-12-310002043133country:US2025-12-310002043133us-gaap:BaseRateMemberck0002043133:AssetBasedCreditFacilityMemberck0002043133:TSCBDCFinancing1LLCMember2026-01-232026-01-230002043133us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310002043133ck0002043133:CommonClassIMember2025-11-032025-11-030002043133us-gaap:MemberUnitsMember2025-02-052026-03-310002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Delayed Draw Term Loan – 8.20% (SOFR + 4.50%, 0.75% Floor) Net Assets 1.0% Maturity 09/05/312026-03-310002043133us-gaap:RetainedEarningsMember2025-02-040002043133ck0002043133:CentaurHoldingsIIILLCCopperweldMember2026-03-310002043133us-gaap:CommonStockMember2026-03-310002043133ck0002043133:FirstAmericanGovernmentObligationFundMemberus-gaap:USTreasuryAndGovernmentShorttermDebtSecuritiesMember2025-12-310002043133Debt Investments, Software, Three Rivers Buyer, Inc. (Grant Street) Acquisition Date 11/03/25 Term Loan B – 8.60% (SOFR + 4.75%, 0.75% Floor) Net Assets 12.2% Maturity 11/03/312025-01-012025-12-310002043133us-gaap:AdditionalPaidInCapitalMember2025-12-310002043133Debt Investments, Building Products, Patriot MCN Buyer Corp., (McNichols) Acquisition Date 10/01/25 Term Loan – 8.33% (SOFR + 4.75%, 1.75% Floor) Net Assets 16.1% Maturity 10/01/312026-01-012026-03-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:DebtSecuritiesMembersrt:WeightedAverageMemberus-gaap:MeasurementInputDiscountRateMemberus-gaap:IncomeApproachValuationTechniqueMember2025-12-3100020431332025-02-040002043133ck0002043133:PersonalCareProductsMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310002043133us-gaap:USTreasuryBillSecuritiesMember2026-03-310002043133ck0002043133:AssetBasedCreditFacilityMemberck0002043133:RevolvingCreditLinesMember2025-12-310002043133us-gaap:CommonStockMember2026-01-012026-03-310002043133ck0002043133:SubscriptionBasedCreditFacilityMember2025-04-212025-04-210002043133us-gaap:SecuredOvernightFinancingRateSofrOvernightIndexSwapRateMemberck0002043133:AssetBasedCreditFacilityMemberck0002043133:TSCBDCFinancing1LLCMember2026-01-232026-01-230002043133Debt Investments, Software, Three Rivers Buyer, Inc. (Grant Street) Acquisition Date 11/03/25 Term Loan B – 8.60% (SOFR + 4.75%, 0.75% Floor) Net Assets 12.2% Maturity 11/03/312025-12-310002043133us-gaap:EquitySecuritiesMember2026-03-310002043133us-gaap:FairValueInputsLevel3Member2026-03-310002043133us-gaap:MemberUnitsMember2025-12-310002043133us-gaap:CorporateDebtSecuritiesMemberck0002043133:CapitalMarketsMember2026-03-310002043133us-gaap:RetainedEarningsMember2025-12-310002043133ck0002043133:AssetBasedCreditFacilityMemberck0002043133:TermLoanMember2025-12-310002043133country:US2026-03-310002043133us-gaap:EquitySecuritiesMember2025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:MarketApproachValuationTechniqueMembersrt:MinimumMemberus-gaap:MeasurementInputEbitdaMultipleMemberus-gaap:EquitySecuritiesMember2026-03-310002043133Debt Investments, Food Products, Frost Buyer, LLC (CraftMark) Acquisition Date 05/06/25 Delayed Draw Term Loan – 9.09% (SOFR + 5.25%, 1.00% Floor) Net Assets 0.9% Maturity 05/06/312025-12-310002043133us-gaap:DebtSecuritiesMember2025-12-310002043133Debt Investments, Electrical Equipment, Centaur Holdings III LLC (Copperweld) Acquisition Date 09/05/25 Revolver – 8.42% (SOFR + 4.75%, 0.75% Floor) Net Assets 1.6% Maturity 09/05/312025-12-310002043133us-gaap:SubsequentEventMember2026-04-012026-04-010002043133ck0002043133:DesignsForHealthIncMember2026-03-310002043133ck0002043133:PatriotMCNBuyerCorpMcNicholsMember2026-03-310002043133ck0002043133:SoftwareMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310002043133us-gaap:MemberUnitsMember2026-03-310002043133ck0002043133:AssetBasedCreditFacilityMemberus-gaap:RevolvingCreditFacilityMemberck0002043133:TSCBDCFinancing1LLCMember2026-01-230002043133us-gaap:RevolvingCreditFacilityMember2025-12-310002043133us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2026-01-012026-03-310002043133ck0002043133:AssetBasedCreditFacilityMemberck0002043133:TermLoanMemberck0002043133:TSCBDCFinancing1LLCMember2026-01-232026-01-230002043133ck0002043133:CharterIndustriesHoldingsLLC1Member2025-12-310002043133us-gaap:CorporateDebtSecuritiesMemberck0002043133:ElectricalEquipmentMember2026-03-31iso4217:USDxbrli:sharesck0002043133:Segmentxbrli:purexbrli:sharesiso4217:USD

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐For the quarterly period ended March 31, 2026

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 000-56771

TCW Steel City Senior Lending BDC

(Exact Name of Registrant as Specified in Its Charter)


Delaware	33-1515587
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)


200 Clarendon Street, Boston, MA	02116
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (617) 936-2275

Not applicable

Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report.

Securities registered pursuant to Section 12(b) of the Act.

     Title of each class

     Trading
 Symbol(s)

     Name of each exchange 
on which registered

     None

     Not applicable

     Not applicable

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☐	Accelerated filer	☐
Non-Accelerated filer	☒	Smaller reporting company	☐
Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☐ No ☒

As of March 31, 2026, there was no established public market for the Registrant’s common shares. The number of the Registrant’s common shares outstanding at May 13, 2026 was 12,093,674.

Auditor Firm Id: 34 Auditor Name: Deloitte & Touche LLP Auditor Location: Los Angeles, CA, U.S.A.

TCW STEEL CITY SENIOR LENDING BDC

FORM 10-Q FOR THE QUARTER ENDED March 31, 2026

Table of Contents


		PAGE
	INDEX	NO.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements
	Consolidated Schedule of Investments as of March 31, 2026 (unaudited) and December 31, 2025	3
	Consolidated Statements of Assets and Liabilities as of March 31, 2026 (unaudited) and December 31, 2025	7
	Consolidated Statement of Operations for the three months ended March 31, 2026 (unaudited) and for the period from February 5, 2025 (Inception) to March 31, 2025 (unaudited)	8
	Consolidated Statement of Changes in Members’ Capital for the three months ended March 31, 2026 (unaudited) and for the period from February 5, 2025 (Inception) to March 31, 2025 (unaudited)	9
	Consolidated Statement of Cash Flows for the three months ended March 31, 2026 (unaudited)	11
	Notes to Consolidated Financial Statements (unaudited)	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	29
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	41
Item 4.	Controls and Procedures	42
PART II.	OTHER INFORMATION
Item 1.	Legal Proceedings	43
Item 1A.	Risk Factors	43
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	43
Item 3.	Defaults Upon Senior Securities	43
Item 4.	Mine Safety Disclosures	43
Item 5.	Other Information	43
Item 6.	Exhibits	44
SIGNATURES		46

TCW Steel City Senior Lending BDC

Consolidated Schedule of Investments (Unaudited)

As of March 31, 2026


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Building Products
	Patriot MCN Buyer Corp., (McNichols)	10/01/25	Term Loan - 8.33% (SOFR + 4.75%, 1.75% Floor)		16.1	%	$	39,700,704	10/01/31	$	39,307,165	$	39,303,697
					16.1	%					39,307,165		39,303,697
Capital Markets
	Tidal Investments LLC	08/29/25	Term Loan - 8.70% (SOFR + 5.00%, 1.50% Floor)		18.7	%		45,423,913	08/29/30		44,878,003		45,605,609
					18.7	%					44,878,003		45,605,609
Construction Materials
	Charter Industries Holdings LLC	10/01/25	Term Loan - 8.41% (SOFR + 4.75%, 0.75% Floor)		15.3	%		37,556,818	10/01/32		37,291,045		37,444,148
					15.3	%					37,291,045		37,444,148
Electrical Equipment
	Centaur Holdings III LLC (Copperweld)	09/05/25	Revolver - 8.20% (SOFR + 4.50%, 0.75% Floor)		0.6	%		1,375,000	09/05/31		1,375,000		1,373,625
	Centaur Holdings III LLC (Copperweld)	09/05/25	Term Loan - 8.20% (SOFR + 4.50%, 0.75% Floor)		16.6	%		40,523,438	09/05/31		40,073,960		40,482,914
	Centaur Holdings III LLC (Copperweld)	09/05/25	Delayed Draw Term Loan - 8.20% (SOFR + 4.50%, 0.75% Floor)		1.0	%		2,500,000	09/05/31		2,500,000		2,497,500
					18.2	%					43,948,960		44,354,039
Food Products
	Frost Buyer, LLC (CraftMark)	05/06/25	Delayed Draw Term Loan - 8.92% (SOFR + 5.25%, 1.00% Floor)		0.4	%		1,045,773	05/06/31		1,045,773		1,039,498
	Frost Buyer, LLC (CraftMark)	05/06/25	Revolver - 8.92% (SOFR + 5.25%, 1.00% Floor)		1.0	%		2,564,103	05/06/31		2,564,103		2,548,718
	Frost Buyer, LLC (CraftMark)	05/06/25	Term Loan - 8.92% (SOFR + 5.25%, 1.00% Floor)		14.6	%		35,717,949	05/06/31		35,059,922		35,503,641
					16.0	%					38,669,798		39,091,857
IT Services
	CloudOne Digital Corp.	08/05/25	Term Loan - 8.66% (SOFR + 5.00%, 1.00% Floor)		17.5	%		42,576,220	08/05/31		42,120,220		42,661,372
					17.5	%					42,120,220		42,661,372
Machinery
	Leg Purchaser Inc., (Labrie)	01/12/26	Term Loan - 9.15% (SOFR + 5.50%, 0.75% Floor)		16.7	%		41,086,957	01/12/32		40,544,738		40,676,087
					16.7	%					40,544,738		40,676,087
Personal Care Products
	Designs for Health, Inc.	10/16/25	Term Loan B - 8.17% (SOFR + 4.50%, 0.75% Floor)		16.1	%		39,473,684	10/16/30		39,267,152		39,315,789
					16.1	%					39,267,152		39,315,789
Professional Services
	TechServ Operations, LLC	05/15/25	Term Loan - 8.44% (SOFR + 4.75%, 1.00% Floor)		15.3	%		36,968,050	05/15/32		36,620,482		37,337,731
					15.3	%					36,620,482		37,337,731
Software
	Three Rivers Buyer, Inc. (Grant Street)	11/03/25	Term Loan B - 8.42% (SOFR + 4.75%, 0.75% Floor)		5.9	%		14,578,846	11/03/31		14,453,585		14,345,585
					5.9	%					14,453,585		14,345,585
	Total Debt Investments				155.8	%					377,101,148		380,135,914

The accompanying notes are an integral part of these consolidated financial statements.

TCW Steel City Senior Lending BDC

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2026


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Capital Markets
	TFG Parent Holdings, LLC (Tidal)(2)(4)	08/29/25	Class A Common Units		0.2	%		125,000	$	125,000	$	602,571
	TFG Parent Holdings, LLC (Tidal)(2)(4)	08/29/25	Class A Preferred Units		0.5	%		1,125		1,125,000		1,178,720
					0.7	%				1,250,000		1,781,291
	Total Equity Investments				0.7	%				1,250,000		1,781,291
	Total Debt & Equity Investments(3)				156.5	%				378,351,148		381,917,205
	Cash Equivalents
	First American Government Obligation Fund, Yield 3.58%, Class X (FGXXX)				2.9	%		6,992,329		6,992,329		6,992,329
	Total Cash Equivalents				2.9	%		6,992,329		6,992,329		6,992,329
	Short-term Investments
	U.S. Treasury Bill, Yield 3.60%, Maturity Date 07/28/26				155.9	%		385,000,000		380,463,310		380,463,310
	Total Short-term Investments				155.9	%		385,000,000		380,463,310		380,463,310
	Total Investments (315.3%)								$	765,806,787	$	769,372,844
	Net unrealized depreciation on unfunded commitments (0.2%)											(371,273	)
	Liabilities in Excess of Other Assets (215.2%)										$	(524,998,946	)
	Net Assets (100.0%)										$	244,002,625

(1)

Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.

(2)

Non-income producing.

(3)

The fair value of each debt and equity investment was determined using significant unobservable inputs and such investments are considered to be Level 3 within the Fair Value Hierarchy. See Note 3 “Investment Valuations and Fair Value Measurements.”

(4)

All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act of 1933 as amended (the “Securities Act”), and may be deemed “restricted securities” under the Securities Act. As of March 31, 2026, the aggregate fair value of these securities was $1,781,291, or 0.2% of the Company’s total assets.

SOFR - Secured Overnight Financing Rate, generally 1-Month or 3-Month

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $42,431,508 and $2,748,955, respectively, for the period ended March 31, 2026. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.


Geographic Breakdown of Portfolio
United States	100	%

The accompanying notes are an integral part of these consolidated financial statements.

TCW Steel City Senior Lending BDC

Consolidated Schedule of Investments

As of December 31, 2025


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Par Amount		Maturity Date	Amortized Cost		Fair Value
	DEBT(1)
Building Products
	Patriot MCN Buyer Corp., (McNichols)	10/01/25	Term Loan - 8.74% (SOFR + 4.75%, 1.75% Floor)		33.0	%	$	39,700,704	10/01/31	$	39,289,535	$	39,144,894
					65.2	%					39,289,535		39,144,894
Capital Markets
	Tidal Investments LLC	08/29/25	Term Loan - 9.67% (SOFR + 6.00%, 1.50% Floor)		38.2	%		45,538,043	08/29/30		44,968,958		45,310,353
					38.2	%					44,968,958		45,310,353
Construction Materials
	Charter Industries Holdings LLC	10/01/25	Term Loan - 8.74% (SOFR + 4.75%, 0.75% Floor)		32.2	%		38,636,364	10/01/32		38,352,591		38,250,000
					32.2	%					38,352,591		38,250,000
Electrical Equipment
	Centaur Holdings III LLC (Copperweld)	09/05/25	Revolver - 8.42% (SOFR + 4.75%, 0.75% Floor)		1.6	%		1,875,000	09/05/31		1,875,000		1,875,000
	Centaur Holdings III LLC (Copperweld)	09/05/25	Term Loan - 8.42% (SOFR + 4.75%, 0.75% Floor)		34.3	%		40,625,000	09/05/31		40,166,052		40,665,625
	Centaur Holdings III LLC (Copperweld)	09/05/25	Delayed Draw Term Loan - 8.42% (SOFR + 4.75%, 0.75% Floor)		2.1	%		2,500,000	09/05/31		2,500,000		2,500,000
					38.0	%					44,541,052		45,040,625
Food Products
	Frost Buyer, LLC (CraftMark)	05/06/25	Delayed Draw Term Loan - 9.09% (SOFR + 5.25%, 1.00% Floor)		0.9	%		1,048,400	05/06/31		1,048,400		1,040,013
	Frost Buyer, LLC (CraftMark)	05/06/25	Revolver - 9.09% (SOFR + 5.25%, 1.00% Floor)		1.1	%		1,282,051	05/06/31		1,282,051		1,271,795
	Frost Buyer, LLC (CraftMark)	05/06/25	Term Loan - 9.09% (SOFR + 5.25%, 1.00% Floor)		29.9	%		35,807,692	05/06/31		35,116,109		35,521,231
					31.9	%					37,446,560		37,833,039
IT Services
	CloudOne Digital Corp.	08/05/25	Term Loan - 8.90% (SOFR + 5.00%, 1.00% Floor)		35.9	%		42,682,927	08/05/31		42,219,667		42,597,561
					35.9	%					42,219,667		42,597,561
Personal Care Products
	Designs for Health, Inc.	10/16/25	Term Loan B - 8.39% (SOFR + 4.50%, 0.75% Floor)		32.9	%		39,473,684	10/16/30		39,255,948		39,078,947
					32.9	%					39,255,948		39,078,947
Professional Services
	TechServ Operations, LLC	05/15/25	Term Loan - 8.63% (SOFR + 4.75%, 1.00% Floor)		31.8	%		37,061,150	05/15/32		36,698,937		37,802,373
					31.8	%					36,698,937		37,802,373
Software
	Three Rivers Buyer, Inc. (Grant Street)	11/03/25	Term Loan B - 8.60% (SOFR + 4.75%, 0.75% Floor)		12.2	%		14,615,385	11/03/31		14,484,275		14,440,000
					12.2	%					14,484,275		14,440,000
	Total Debt Investments				286.1	%					337,257,523		339,497,792

The accompanying notes are an integral part of these consolidated financial statements.

TCW Steel City Senior Lending BDC

Consolidated Schedule of Investments (Continued)

As of December 31, 2025


Industry	Issuer	Acquisition Date	Investment	% of Net Assets			Shares		Amortized Cost		Fair Value
	EQUITY
Capital Markets
	TFG Parent Holdings, LLC (Tidal)(2)(4)	08/29/25	Class A Common Units		0.2	%		125,000	$	125,000	$	197,500
	TFG Parent Holdings, LLC (Tidal)(2)(4)	08/29/25	Class A Preferred Units		1.0	%		1,125		1,125,000		1,155,611
					1.2	%				1,250,000		1,353,111
	Total Equity Investments				1.2	%				1,250,000		1,353,111
	Total Debt & Equity Investments(3)				287.3	%				338,507,523		340,850,903
	Cash Equivalents
	First American Government Obligation Fund, Yield 3.68%, Class X (FGXXX)				2.2	%		2,651,209		2,651,209		2,651,209
	Total Cash Equivalents				2.2	%		2,651,209		2,651,209		2,651,209
	Short-term Investments
	U.S. Treasury Bill, Yield 3.62%, Maturity Date 04/28/26				320.6	%		385,000,000		380,627,042		380,627,042
	Total Short-term Investments				320.6	%		385,000,000		380,627,042		380,627,042
	Total Investments (609.9%)								$	721,785,774	$	724,129,154
	Net unrealized depreciation on unfunded commitments (0.5%)											(563,734	)
	Liabilities in Excess of Other Assets (509.5%)										$	(604,841,446	)
	Net Assets (100.0%)										$	118,723,974

(1)

Certain debt investments are subject to contractual restrictions on resale, such as approval of the agent or borrower.

(2)

Non-income producing.

(3)

(4)

All or a portion of such security was acquired in a transaction exempt from registration under the Securities Act, and may be deemed “restricted securities” under the Securities Act. As of December 31, 2025, the aggregate fair value of these securities was $1,353,111, or 0.2% of the Company’s total assets.

SOFR - Secured Overnight Financing Rate, generally 1-Month or 3-Month

Aggregate acquisitions and aggregate dispositions of investments, other than government securities, totaled $353,551,758 and $15,281,161, respectively, for the period ended December 31, 2025. Aggregate acquisitions includes investment assets received as payment in kind. Aggregate dispositions includes principal paydowns on and maturities of debt investments.


Geographic Breakdown of Portfolio
United States	100	%

The accompanying notes are an integral part of these consolidated financial statements.

TCW Steel City Senior Lending BDC

Consolidated Statements of Assets and Liabilities

March 31, 2026


	As of March 31,
	2026		As of December 31,
	(unaudited)		2025
Assets
Investments, at fair value
Non-controlled/non-affiliated investments (amortized cost of $378,351 and $338,508, respectively)	$	381,917	$	340,851
Cash and cash equivalents		7,374		3,299
Short-term investments		380,463		380,627
Trades receivable		42,881		—
Interest income receivable		4,807		1,981
Receivable for investment sold		696		—
Deferred financing costs		1,208		1,166
Prepaid and other assets		38		63
Total Assets	$	819,384	$	727,987
Liabilities
Payable for short-term investments purchased	$	380,463	$	380,627
Term loan (net of $4,922 and $0 of deferred financing costs, respectively)		100,078		—
Revolving credit facilities payable		88,085		223,785
Due to advisor		2,237		2,029
Interest and credit facility expense payable		1,891		1,033
Organizational costs payable		558		766
Incentive fee payable		552		—
Management fees payable		498		123
Administration fees payable		406		264
Unrealized depreciation on unfunded commitments		371		564
Other accrued expenses and other liabilities		242		72
Total Liabilities		575,381		609,263
Commitments and Contingencies (Note 5)
Net Assets
Common shares, $0.01 par value, unlimited shares authorized, 12,093,674 and 6,014,515 shares issued and outstanding, respectively		121		60
Additional paid in capital		239,532		119,593
Accumulated underdistributed/(overdistributed) earnings		4,350		(929	)
Total Net Assets		244,003		118,724
Total Liabilities and Net Assets	$	819,384	$	727,987
Net Asset Value Per Common Share (Note 10)	$	20.18	$	19.74

The accompanying notes are an integral part of these consolidated financial statements.

TCW Steel City Senior Lending BDC

Consolidated Statement of Operations (Unaudited)

March 31, 2026


	For the three months ended March 31,			For the period from February 5, 2025 (Inception) to March 31,
	2026			2025
Investment Income
Non-controlled/non-affiliated investments:
Interest income	$	8,618		$	—
Total investment income		8,618			—
Expenses
Interest and credit facility expenses		3,289			—
Incentive fees		552			—
Management fees		375			—
Administrative fees		142			—
Organizational costs		142			839
Trustees’ fees		85			—
Professional fees		82			—
Other expenses		75			—
Total expenses		4,742			839
Net investment income (loss)		3,876			(839	)
Net realized and unrealized gain (loss) on investments
Net change in unrealized appreciation/(depreciation):
Non-controlled/non-affiliated investments		1,415			—
Net realized loss on short-term investments		(12	)		—
Net realized and unrealized gain on investments		1,403			—
Net increase (decrease) in Net Assets from operations	$	5,279		$	(839	)
Basic and diluted:
Earnings per common share	$	0.45		N/A
Weighted average common shares outstanding		11,823,489		N/A

The accompanying notes are an integral part of these consolidated financial statements.

TCW Steel City Lending BDC

Consolidated Statement of Changes in Members’ Capital (Unaudited)

March 31, 2026


	Common Shares		Common Shares Par Value		Additional paid-in capital		Accumulated Undistributed (Overdistributed) Earnings			Total Net Assets
Members’ Capital at January 1, 2026		6,014,515	$	60	$	119,593	$	(929	)	$	118,724
Net Increase (Decrease) in Net Assets Resulting from Operations:
Net investment income		—		—		—		3,876			3,876
Net realized loss on investments		—		—		—		(12	)		(12	)
Net change in unrealized appreciation/(depreciation) on investments		—		—		—		1,415			1,415
Net Increase in Net Assets Resulting from Common Share Transactions
Issuance of common shares		6,079,159		61		119,939		—			120,000
Total Increase in Members’ Capital for the three months ended March 31, 2026		6,079,159		61		119,939		5,279			125,279
Members’ Capital at March 31, 2026		12,093,674	$	121	$	239,532	$	4,350		$	244,003

The accompanying notes are an integral part of these consolidated financial statements.

TCW Steel City Senior Lending BDC

Consolidated Statement of Changes in Members’ Capital (Unaudited)

March 31, 2025


	Common Unitholders’ Capital			Accumulated Undistributed (Overdistributed) Earnings			Total Net Assets
Members’ Capital at February 5, 2025 (Inception)	$	—		$	—		$	—
Net Decrease in Net Assets Resulting from Operations:
Net investment loss		—			(839	)		(839	)
Net Decrease in Net Assets Resulting from Capital Activity:
Offering costs		(20	)		—			(20	)
Total Decrease in Net Assets from Inception to March 31, 2025		(20	)		(839	)		(859	)
Members’ Capital at March 31, 2025	$	(20	)	$	(839	)	$	(859	)

The accompanying notes are an integral part of these consolidated financial statements.

TCW Steel City Senior Lending BDC

Consolidated Statement of Cash Flows (Unaudited)

March 31, 2026


	For the three months ended March 31,
	2026
Cash Flows from Operating Activities
Net increase in net assets resulting from operations	$	5,279
Adjustments to reconcile the net increase in net assets resulting from operations to net cash used in operating activities:
Purchases of investments		(42,432	)
Purchases of short-term investments		(380,463	)
Proceeds from sales and paydowns of investments		2,749
Proceeds from sales of short-term investments		380,627
Change in net unrealized (appreciation)/depreciation on investments		(1,415	)
Amortization of premium and accretion of discount, net		(161	)
Amortization of deferred financing costs		354
Increase (decrease) in operating assets and liabilities:
(Increase) decrease trades receivable		(42,881	)
(Increase) decrease interest income receivable		(2,826	)
(Increase) decrease receivable for investment sold		(696	)
(Increase) decrease prepaid and other assets		25
Increase (decrease) payable for short-term investments purchased		(164	)
Increase (decrease) due to Advisor		208
Increase (decrease) interest and credit facility expense payable		858
Increase (decrease) organizational costs payable		(208	)
Increase (decrease) incentive fee payable		552
Increase (decrease) management fees payable		375
Increase (decrease) administration fees payable		142
Increase (decrease) other accrued expenses and other liabilities		170
Net cash used in operating activities		(79,907	)
Cash Flows from Financing Activities
Contribution from Shareholders		120,000
Deferred financing costs paid		(5,318	)
Proceeds from credit facilities		149,400
Repayment of credit facilities		(180,100	)
Net cash provided by financing activities		83,982
Net increase in cash and cash equivalents		4,075
Cash and cash equivalents, beginning of period		3,299
Cash and cash equivalents, end of period	$	7,374
Supplemental and non-cash financing activities
Interest expense paid	$	1,784

The accompanying notes are an integral part of these consolidated financial statements.

TCW Steel City Senior Lending BDC

Notes to Consolidated Financial Statements (Unaudited)

(Dollar amounts in thousands, except share data)

March 31, 2026

Organization and Basis of Presentation

Organization: TCW Steel City Perpetual Levered Fund LP (the “Company”) was formed as a Delaware limited partnership on October 14, 2024. The Company has conducted private offerings of its common limited partnership interests (the “Units”) to investors in reliance on exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended (the “Securities Act”). On February 5, 2025 (“Inception” or “Inception Date”), the Company obtained capital commitments from the limited partners totaling $105,152. On April 8, 2025, the Company obtained additional capital commitments from the limited partners totaling $21,030. On August 22, 2025, the Company obtained additional commitments from the limited partners totaling $315,458.

On September 9, 2025, the Company filed an election to be regulated as a business development company (“BDC”) under the Investment Company Act of 1940, as amended (the “1940 Act”). The Company also intends to file an election to be treated for U.S. federal income tax purposes as a Regulated Investment Company (a “RIC”) under Subchapter M of the U.S Internal Revenue Code of 1986, as amended (the “Code”). The Company is required to meet the minimum distribution and other requirements for RIC qualification. As a BDC and a RIC, the Company is required to comply with certain regulatory requirements.

On November 3, 2025, the Company consummated a conversion from a Delaware limited partnership to a Delaware statutory trust (the “Conversion”). Upon commencement of the Conversion, the name of the Company was changed from TCW Steel City Perpetual Levered Fund LP to TCW Steel City Senior Lending BDC. Additionally, the partners’ capital totaling $120,290 was converted into 6,014,515 of Class I Shares of beneficial interest, par value $0.01 (the “Common Shares”). Following the Conversion, the Company expects to conduct one or more private offerings of the Common Shares from time to time. At the closing of any private offering, each investor has and will make a capital commitment to purchase Common Shares (the “Capital Commitments”) pursuant to a subscription agreement entered into with the Company. Investors will be required to fund drawdowns to purchase Common Shares up to the amount of their respective Capital Commitments each time the Company delivers a notice to the investors. In addition, the Company may issue preferred shares, though it currently has no intention to do so.

The Company commenced operations during the first quarter of fiscal year 2025.

As of March 31, 2026, the Company has one wholly-owned subsidiary, TSC BDC Financing 1 LLC , a single member Delaware limited liability company designed to hold special purpose financing of the Company.

The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of the Company and its wholly-owned subsidiary. All significant intercompany transactions and balances have been eliminated in consolidation.

Investment Objective: The Company seeks to generate attractive risk-adjusted returns primarily through direct investments in senior secured loans to middle market companies or other issuer that generate current income while preserving capital.

Term: The term of the Company commenced on October 14, 2024 and shall continue until the Company is dissolved and terminated pursuant to Article IX.1 of the Amended and Restated Declaration of Trust entered into on January 23, 2026 (the “Declaration of Trust”).

Capital Commitments: On the Inception Date, the Company began accepting subscription agreements from investors for the private sale of its Units. Upon conversion, the Units were converted into Common Shares and the Company began accepting subscription agreements from investors for the private sale of its Common Shares. As of March 31, 2026, the Company has sold 12,093,674 Common Shares for an aggregate offering price of $240,290. Each Shareholder is obligated to contribute capital equal to their respective Capital Commitment to the Company. The sale of the Common Shares was made pursuant to subscription agreements entered into by the Company and each investor. Under the terms of the subscription agreements, the Company may draw down all or any portion of the undrawn commitment with respect to each Common Share generally upon at least ten business days’ prior written notice to the Shareholders. The amount of capital that remains to be drawn down and contributed is referred to as an “Undrawn Commitment”.

On January 5, 2026, the Company received $120,000 from capital call proceeds, relating to the issuance of 6,079,158 Common Shares.

TCW Steel City Senior Lending BDC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except share data)

March 31, 2026

Organization and Basis of Presentation (Continued)

The commitment amount funded does not include amounts contributed in anticipation of a potential investment that the Company did not consummate and therefore returned to the Shareholders as unused capital. As of March 31, 2026, aggregate Commitments, Undrawn Commitments, percentage of Commitments funded and the number of subscribed for Common Shares of the Company were as follows:


	Commitments		Undrawn Commitments		% of Commitments Funded			Common Shares
Shareholder	$	574,583	$	334,897		41.7	%		12,093,674

Recallable Amount: A Shareholder may be required to re-contribute amounts distributed equal to (a) such Shareholder’s share of all portfolio investments that are repaid to the Company, or otherwise recouped by the Company, and distributed to the Shareholder, in whole or in part, during or after the Commitment period, reduced by (b) all re-contributions made by such Shareholder. This amount, (the “Recallable Amount”) is excluded from the calculation of the accrual based net asset value.

The Recallable Amount as of March 31, 2026 was $314.

The statement of cash flows for the period from Inception to March 31, 2025 has not been included as there was no cash or income activity during the period from Inception to March 31, 2025.

Significant Accounting Policies

Basis of Presentation: The Company’s unaudited consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 6 and Article 10 of Regulation S-X. The Company is an investment company following accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services—Investment Companies (“ASC Topic 946”). The unaudited consolidated financial statements reflect all adjustments, both normal and recurring which, in the opinion of management, are necessary for the fair presentation of the Company’s results of operations and financial condition for the periods presented. The unaudited consolidated financial statements and notes should be read in conjunction with the audited consolidated financial statements and notes thereto appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, filed with the U.S. Securities and Exchange Commission ("SEC") on March 26, 2026.

Use of Estimates: The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the consolidated financial statements, (ii) the reported amounts of income and expenses during the years presented and (iii) disclosure of contingent assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates, and such differences could be material.

Investments: The Company measures the fair value of its investments in accordance with ASC Topic 820, Fair Value Measurements and Disclosure (“ASC 820”). Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Market participants are defined as buyers and sellers in the principal or most advantageous market (which may be a hypothetical market) that are independent, knowledgeable, and willing and able to transact. In accordance with ASC 820, the Company considers the principal market of its investments to be the market in which the investment trades with the greatest volume and level of activity.

Transactions: The Company records investment transactions on the trade date. The Company considers the trade date for investments not traded on a recognizable exchange, or traded in the over-the-counter markets, to be the date on which the Company receives legal or contractual title to the asset and bears the risk of loss.

TCW Steel City Senior Lending BDC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except share data)

March 31, 2026

Significant Accounting Policies (Continued)

Income Recognition: Interest income is recorded on an accrual basis unless doubtful of collection or the related investment is in default. Although the Company does not currently expect the Advisor to originate a significant amount of investments for the Company with the use of interest income paid-in-kind (“PIK”) interest features, from time to time the Company may make investments that contain such features or that subsequently incorporate such features after origination. PIK interest represents accrued interest that is added to the principal amount of the investment on the respective interest payment dates rather than being paid in cash and generally becomes due at maturity or at the occurrence of a liquidation event. To maintain the Company's tax status as a RIC, this non-cash source of income must be paid out to stockholders in the form of dividends for the year the income was earned, even though the Company has not yet collected the cash. The amortized cost of investments represents the original cost adjusted for any accretion of discounts, amortization of premiums and PIK interest. For the three months ended March 31, 2026 and for the period from Inception Date to March 31, 2025, the Company did not earn any PIK interest income.

Realized gains and losses on investments are recorded on a specific identification basis. The Company typically receives a fee in the form of a discount to the purchase price at the time it funds an investment in a loan. The discount is accreted to interest income over the life of the respective loan, using the effective-interest method assuming there are no questions as to collectability, and reflected in the amortized cost basis of the investment. Ongoing facility, commitment or other additional fees including prepayment fees, consent fees and forbearance fees are recognized immediately when earned as income.

The Company may enter into certain intercreditor agreements that entitle the Company to the “last out” tranche of first lien secured loans, whereby the “first out” tranche will receive priority as to the “last out” tranche with respect to payments of principal, interest, and any other amounts due thereunder. In certain cases, the Company may receive a higher interest rate than the contractual stated interest rate as disclosed on the Company’s Consolidated Schedule of Investments.

Certain investments have an unfunded loan commitment for a delayed draw term loan or revolving credit. The Company earns an unused commitment fee on the unfunded commitment during the commitment period. The expiration date of the commitment period may be earlier than the maturity date of the investment stated above. See Note 5—Commitments and Contingencies.

Loans are generally placed on non-accrual status when principal or interest payments are past due 30 days or more or when there is reasonable doubt that principal or interest will be collected in full. Accrued and unpaid interest is generally reversed when a loan is placed on non-accrual status. Interest payments received on non-accrual loans may be recognized as income or applied to principal depending upon management’s judgment regarding collectability. Non-accrual loans are restored to accrual status when past due principal and interest is paid and, in management’s judgment, are likely to remain current. The Company may make exceptions to this policy if the loan has sufficient collateral value and is in the process of collection.

Deferred Financing Costs: Deferred financing costs incurred by the Company in connection with the Credit Facilities (as described in Note 7 to the Consolidated Financial Statements), including arrangement fees, upfront fees and legal fees, are amortized on a straight-line basis over the term of the respective credit facility.

Organizational and Offering Costs: Costs incurred to organize the Company are expensed as incurred. Offering costs are capitalized as deferred offering costs on the Company's Consolidated Statement of Assets and Liabilities and are amortized over a 12-month period from incurrence on the Company's Consolidated Statement of Operations. The Company will not bear more than an amount equal to 10 basis points of the aggregate capital commitments to the Company through the Common Shares (in aggregate, the “Commitments”) of the Company for organizational and offering costs in connection with the offering of the Common Shares. Organizational costs are expensed as incurred and since inception, the Company has incurred $4,502 in organizational costs, of which $142 was expensed during the three months ended March 31, 2026. Prior to Conversion, we incurred $33 in offering costs which were charged to partners' capital. During the three months ended March 31, 2026, the Company has incurred $0 in offering costs of which $0 are deferred offering costs and $0 have been amortized as an expense for the three months ended March 31, 2026.

TCW Steel City Senior Lending BDC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except share data)

March 31, 2026

Significant Accounting Policies (Continued)

Cash and Cash Equivalents: The Company generally considers investments with a maturity of three months or less at the time of acquisition to be cash equivalents. As of March 31, 2026, cash and cash equivalents are comprised of demand deposits and highly liquid investments with maturities of three months or less. Cash equivalents are valued at the net asset value of the mutual fund which approximates fair value and are classified as Level 1 in the GAAP valuation hierarchy.

Income Taxes: The Company has elected to be regulated as a BDC under the 1940 Act. The Company also intends to be treated as a RIC under the Code and will make such an election beginning with the taxable year ending December 31, 2025. So long as the Company maintains its status as a RIC, it generally will not pay corporate-level U.S. Federal income taxes on any ordinary income or capital gains that it distributes at least annually to its Shareholders as dividends. Rather, any tax liability related to income earned and distributed by the Company represents obligations of the Company’s investors and will not be reflected in the consolidated financial statements of the Company.

Investment Valuations and Fair Value Measurements

Investments at Fair Value: Investments held by the Company are valued at fair value. Fair value is generally determined on the basis of last reported sales prices or official closing prices on the primary exchange in which each security trades, or if no sales are reported, generally based on the midpoint of the valuation range obtained for debt investments from a quotation reporting system, established market makers or pricing service.

Investments for which market quotes are not readily available or are not considered reliable are valued at fair value according to procedures approved by the board of trustees (the “Board” or the “Board of Trustees”) based on similar instruments, internal assumptions and the weighting of the best available pricing inputs.

Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Advisor as the "valuation designee" with respect to the fair valuation of the Company's portfolio securities, subject to oversight by and periodic reporting to the Board.

Fair Value Hierarchy: Assets and liabilities are classified by the Company into three levels based on valuation inputs used to determine fair value:

Level 1 values are based on unadjusted quoted market prices in active markets for identical assets.

Level 2 values are based on significant observable market inputs, such as quoted prices for similar assets and quoted prices in inactive markets or other market observable inputs.

Level 3 values are based on significant unobservable inputs that reflect the Company’s determination of assumptions that market participants might reasonably use in valuing the assets.

Categorization within the hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The valuation levels are not necessarily an indication of the risk associated with investing in those securities.

Level 1 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows:

Equity, (Level 1), generally includes common stock valued at the closing price on the primary exchange in which the security trades.

Level 2 Assets (Investments): The valuation techniques and significant inputs used to determine fair value are as follows:

Equity, (Level 2), generally includes warrants valued using quotes for comparable investments.

Level 3 Assets (Investments): The following valuation techniques and significant inputs are used to determine the fair value of investments in private debt and equity for which reliable market quotations are not available. Some of the inputs are independently observable however, a significant portion of the inputs and the internal assumptions applied are unobservable.

TCW Steel City Senior Lending BDC

Notes to Consolidated Financial Statements (Unaudited) (Continued)

(Dollar amounts in thousands, except share data)

March 31, 2026

Investment Valuations and Fair Value Measurements (Continued)

Debt, (Level 3), include investments in privately originated senior secured debt. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. An income method approach incorporating a weighted average cost of capital and discount rate, or a market method approach using prices and other relevant information generated by market transactions involving identical or comparable assets, is generally used to determine fair value, though some cases use an enterprise value waterfall method. Valuation may also include a shadow rating method. Standard pricing inputs include but are not limited to the financial health of the issuer, place in the capital structure, value of other issuer debt, credit, industry, and market risk and events.

Equity, (Level 3), may include common stock, preferred stock and warrants. Such securities are valued based on specific pricing models, internal assumptions and the weighting of the best available pricing inputs. A market approach is generally used to determine fair value. Pricing inputs include, but are not limited to, financial health and relevant business developments of the issuer; EBITDA; market multiples of comparable companies; comparable market transactions and recent trades or transactions; issuer, industry and market events; and contractual or legal restrictions on the sale of the security. When a Black-Scholes pricing model is used it follows the income approach. The Black-Scholes pricing model takes into account the contract terms as well as multiple inputs, including: time value, implied volatility, equity prices and interest rates. A liquidity discount based on current market expectations, future events, minority ownership position and the period management reasonably expects to hold the investment may be applied.

Pricing inputs and weightings applied to determine value require subjective determination. Accordingly, valuations do not necessarily represent the amounts that may eventually be realized from sales or other dispositions of investments.

The following is a summary by major security type of the fair valuations according to inputs used in valuing investments listed in the Consolidated Schedule of Investments as of March 31, 2026:

         Investments

         Level 1

         Level 2

         Level 3

OR

For the transition period from to

Commission file number 000-56771

(Exact Name of Registrant as Specified in Its Charter)

200 Clarendon Street, Boston, MA

02116

Registrant’s Telephone Number, Including Area Code: (617) 936-2275

Not applicable

Securities registered pursuant to Section 12(b) of the Act.

Not applicable

Consolidated Schedule of Investments (Unaudited)

As of March 31, 2026

Consolidated Schedule of Investments (Unaudited) (Continued)

As of March 31, 2026

Consolidated Schedule of Investments

As of December 31, 2025

Consolidated Schedule of Investments (Continued)

As of December 31, 2025

Consolidated Statements of Assets and Liabilities

(Dollar amounts in thousands, except share data)

March 31, 2026

TCW Steel City Senior Lending BDC

Consolidated Statement of Operations (Unaudited)

(Dollar amounts in thousands, except share data)

March 31, 2026

TCW Steel City Lending BDC

Consolidated Statement of Changes in Members’ Capital (Unaudited)

(Dollar amounts in thousands, except share data)

March 31, 2026

TCW Steel City Senior Lending BDC

Consolidated Statement of Changes in Members’ Capital (Unaudited)

(Dollar amounts in thousands, except share data)

March 31, 2025

TCW Steel City Senior Lending BDC

Consolidated Statement of Cash Flows (Unaudited)

(Dollar amounts in thousands, except share data)

March 31, 2026

March 31, 2026

March 31, 2026

March 31, 2026

March 31, 2026

March 31, 2026

TCW Steel City Senior Lending BDC 10-Q